Personal Credits and Income Tax in the GTA (Greater Toronto Area)

income tax GTA (Greater Toronto Area)

Personal tax credits and income tax in the GTA can be classified as Non-refundable personal tax credits and refundable tax credits available in the GTA (Greater Toronto Area). Both of the types of personal tax credits related to income tax in the GTA are detailed below:

Non-refundable Personal Tax Credits in the Tax Returns in the GTA:

The below are some of the non-refundable Personal tax credits  in tax returns in the GTA:

• Available to low income
• Individuals and families
• Amount received depends on tax otherwise payable
• Must be claimed by the spouse with higher net income
• Cannot exceed ON tax payable not refundable

Refundable Personal Tax Credits in Tax Returns in the GTA:

The following are refundable personal tax credits related to tax returns in the GTA to an individual even if no income tax was paid. They are:

• Property Tax Credit:

These are for residents of the GTA who are property owners or renters aged 16+ on December 31 of the tax year or for rent or property tax paid in Brampton in the year

• Sales Tax Credit

• Property Tax Credit in the Tax Returns in the GTA:

This is based on occupancy cost – property tax paid, or 20% of rent paid and refundable and is claimed on the personal income tax return, beginning with the next financial year return

It is vital to note that one need to file tax returns in the GTA even if they have no income, to get the refundable tax credits in tax returns in the GTA and thereby enjoy personal tax credits.